Hurting Canada’s reputation – Castanet.net

The Canadian Press – Nov 25, 2016 / 5:57 am | Story: 181916

Photo: The Canadian Press

Canada’s pipeline gridlock is harming its global reputation as an attractive place to invest in oil and gas projects, says a leading industry group.
Tim McMillan,…

Trump presidency poses ‘existential’ economic threat to Canada: Manley – CanadianBusiness.com

OTTAWA – A former Liberal cabinet minister and leader of a major Canadian business group says Donald Trump’s impending presidency poses an economic threat to Canada that’s on par with the 9/11 attacks on the United States.

John Manley, the president of the Business Council of Canada, is urging the Liberal government to respond to Trump’s anti-trade rhetoric in order to keep goods and people flowing across the busiest border in the world.

“This is existential for Canada. This is the heart that beats (in) our economy so we just can’t get this wrong,” Manley said in an interview Wednesday.

“We have to see it as the same … almost existential threat that 9/11 was.”

Earlier this week, Trump released a YouTube video vowing to withdraw the U.S. from the 12-country Trans-Pacific Partnership.

He was silent on the future of the North American Free Trade Agreement, but has repeatedly called it a disaster that either needs to be scrapped or renegotiated.

Manley, a Liberal cabinet minister during 9/11, says the TPP is now dead and can’t be resurrected, but he says he has urged the government to move quickly to preserve Canada’s trading relationship with the U.S. under NAFTA.

Manley says lessons can be learned from the Smart Border agreement, which he helped broker with then-U.S. homeland security secretary Tom Ridge after 9/11 to improve security without impeding the flow of $2 billion a day in two-way trade.

Manley was the Liberal cabinet minister in charge of Canada-U.S. relations following the attacks of Sept. 11, 2001, which initially halted trade across the 49th parallel amid concerns in Washington that Canada was a launch pad for terrorists.

Manley said it is likely Trump hasn’t given much thought to Canada because he has been preoccupied with the other NAFTA partner, Mexico. He said Canada has to avoid being “sideswiped” by any future action Trump might take against Mexico.

He said it is up to the government to divine what Trump’s plans are for Canada and to propose solutions for any concerns he might have. He said there is a parallel with Canada’s reaction to 9/11.

Manley led an effort to craft the 30-point smart border plan, which Ridge signed on a trip to Ottawa in December 2001. The Canadian side, he said, devised those 30 points and got the Americans to agree.

“It filled an agenda vacuum for them that they were able to sign onto because they clearly needed to deal with risks and security at the border.”

Manley said the government needs to address one potential point of concern: the fact that U.S. corporations have $27 billion in deposits in various Canadian financial institutions.

That’s because Trump has said he wants to find ways to persuade American companies with money parked in foreign countries to return it to the United States. He has dangled tax breaks as an incentive.

“He says he’s going to get that money home. Do the multiplier on what that level of deposits coming out of Canadian financial institutions means to liquidity in Canada,” said Manley.

The death of the TPP diminishes U.S. influence in Asia, which will also have negative effects for Canada, he said.

He said that will allow China to fill the void created by the U.S. departure, allowing them to take the lead on making trade rules in the region.

Not all Canadian business leaders are mourning the death of the TPP or sounding the alarm on NAFTA.

Mathew Wilson, senior vice president of Canadian Manufacturers and Exporters, questioned whether some of the smaller TPP countries in Asia were ever truly interested in “equal trade” with larger TPP economies such as Canada.

Canada needed to guard against “not just opening our doors for an in-flow of goods without getting the ability to access those foreign markets,” he said.

Wilson said he believes Trump will come appreciate the deeply integrated nature of the Canada-U.S. economic relationship once he’s fully briefed.

Trump presidency poses ‘existential’ economic threat to Canada: Manley – CanadianBusiness.com

OTTAWA – A former Liberal cabinet minister and leader of a major Canadian business group says Donald Trump’s impending presidency poses an economic threat to Canada that’s on par with the 9/11 attacks on the United States.

John Manley, the president of the Business Council of Canada, is urging the Liberal government to respond to Trump’s anti-trade rhetoric in order to keep goods and people flowing across the busiest border in the world.

“This is existential for Canada. This is the heart that beats (in) our economy so we just can’t get this wrong,” Manley said in an interview Wednesday.

“We have to see it as the same … almost existential threat that 9/11 was.”

Earlier this week, Trump released a YouTube video vowing to withdraw the U.S. from the 12-country Trans-Pacific Partnership.

He was silent on the future of the North American Free Trade Agreement, but has repeatedly called it a disaster that either needs to be scrapped or renegotiated.

Manley, a Liberal cabinet minister during 9/11, says the TPP is now dead and can’t be resurrected, but he says he has urged the government to move quickly to preserve Canada’s trading relationship with the U.S. under NAFTA.

Manley says lessons can be learned from the Smart Border agreement, which he helped broker with then-U.S. homeland security secretary Tom Ridge after 9/11 to improve security without impeding the flow of $2 billion a day in two-way trade.

Manley was the Liberal cabinet minister in charge of Canada-U.S. relations following the attacks of Sept. 11, 2001, which initially halted trade across the 49th parallel amid concerns in Washington that Canada was a launch pad for terrorists.

Manley said it is likely Trump hasn’t given much thought to Canada because he has been preoccupied with the other NAFTA partner, Mexico. He said Canada has to avoid being “sideswiped” by any future action Trump might take against Mexico.

He said it is up to the government to divine what Trump’s plans are for Canada and to propose solutions for any concerns he might have. He said there is a parallel with Canada’s reaction to 9/11.

Manley led an effort to craft the 30-point smart border plan, which Ridge signed on a trip to Ottawa in December 2001. The Canadian side, he said, devised those 30 points and got the Americans to agree.

“It filled an agenda vacuum for them that they were able to sign onto because they clearly needed to deal with risks and security at the border.”

Manley said the government needs to address one potential point of concern: the fact that U.S. corporations have $27 billion in deposits in various Canadian financial institutions.

That’s because Trump has said he wants to find ways to persuade American companies with money parked in foreign countries to return it to the United States. He has dangled tax breaks as an incentive.

“He says he’s going to get that money home. Do the multiplier on what that level of deposits coming out of Canadian financial institutions means to liquidity in Canada,” said Manley.

The death of the TPP diminishes U.S. influence in Asia, which will also have negative effects for Canada, he said.

He said that will allow China to fill the void created by the U.S. departure, allowing them to take the lead on making trade rules in the region.

Not all Canadian business leaders are mourning the death of the TPP or sounding the alarm on NAFTA.

Mathew Wilson, senior vice president of Canadian Manufacturers and Exporters, questioned whether some of the smaller TPP countries in Asia were ever truly interested in “equal trade” with larger TPP economies such as Canada.

Canada needed to guard against “not just opening our doors for an in-flow of goods without getting the ability to access those foreign markets,” he said.

Wilson said he believes Trump will come appreciate the deeply integrated nature of the Canada-U.S. economic relationship once he’s fully briefed.

Toronto stock market slips in late morning trading as price of gold falls

TORONTO – The Toronto Stock Exchange has dipped slightly this morning as gold mining stocks declined along with the price of bullion.

In late morning trading, the S&P/TSX composite index was down 13.64 points at 15,086.74.

The December gold contract was down $25.80 at US$1,185.40 an ounce.

In New York, the Dow Jones industrial average was up 20.72 points at 19,044.59.

But the S&P 500 was down 13.64 points at 2,197.28 and the Nasdaq composite was down 28.58 points to 5,357.77.

The Canadian dollar was at 74.12 cents US, down 0.21 of a U.S. cent.

The January crude contract rose one cent to US$48.04 per barrel and January natural gas was up one cent at US$3.11 per mmBTU.

December copper contracts were up six cents at $2.61 a pound.

Toronto stock market slips in late morning trading as price of gold falls

TORONTO – The Toronto Stock Exchange has dipped slightly this morning as gold mining stocks declined along with the price of bullion.

In late morning trading, the S&P/TSX composite index was down 13.64 points at 15,086.74.

The December gold contract was down $25.80 at US$1,185.40 an ounce.

In New York, the Dow Jones industrial average was up 20.72 points at 19,044.59.

But the S&P 500 was down 13.64 points at 2,197.28 and the Nasdaq composite was down 28.58 points to 5,357.77.

The Canadian dollar was at 74.12 cents US, down 0.21 of a U.S. cent.

The January crude contract rose one cent to US$48.04 per barrel and January natural gas was up one cent at US$3.11 per mmBTU.

December copper contracts were up six cents at $2.61 a pound.

North Dakota leaders urge Obama for pipeline completion

BISMARCK, N.D. – North Dakota’s governor and congressional delegation are pressuring President Barack Obama to pave the way for completion of the disputed Dakota Access oil pipeline.

Republican Gov. Jack Dalrymple, U.S. Sen. John Hoeven and U.S. Rep. Kevin Cramer sent a letter Wednesday to Obama imploring him to authorize the Army Corps of Engineers to approve the pipeline’s crossing under the Missouri River in North Dakota.

Democratic U.S. Rep. Heidi Heitkamp says she also pressed the White House this week to intervene.

The crossing is the final large segment of the $3.8 billion pipeline, which will carry North Dakota oil to Illinois. The work is delayed while the Corps consults with the Standing Rock Sioux, who oppose the project.

Obama raised the possibility of rerouting the pipeline earlier this month.

North Dakota leaders urge Obama for pipeline completion

BISMARCK, N.D. – North Dakota’s governor and congressional delegation are pressuring President Barack Obama to pave the way for completion of the disputed Dakota Access oil pipeline.

Republican Gov. Jack Dalrymple, U.S. Sen. John Hoeven and U.S. Rep. Kevin Cramer sent a letter Wednesday to Obama imploring him to authorize the Army Corps of Engineers to approve the pipeline’s crossing under the Missouri River in North Dakota.

Democratic U.S. Rep. Heidi Heitkamp says she also pressed the White House this week to intervene.

The crossing is the final large segment of the $3.8 billion pipeline, which will carry North Dakota oil to Illinois. The work is delayed while the Corps consults with the Standing Rock Sioux, who oppose the project.

Obama raised the possibility of rerouting the pipeline earlier this month.

Romania: Radio chief, 10 others indicted for abuse of office

BUCHAREST, Romania – Prosecutors have indicted the head of Romania’s public radio company and 10 others for allegedly abusing their positions for personal gain.

A district court statement on Wednesday said Radio Romania general manager Ovidiu Miculescu and 10 current or former members of the company’s board were suspected of abuse of office and conflict of interest.

Prosecutors say the 11 allegedly approved contracts between July 2011 and Jan. 2014 for tourism services in which they had a financial interest and made a total of 400,000 lei ($95,000) through the contracts illegally.

Miculescu was recently hospitalized and has not commented on the allegations.

Radio Romania declined to comment immediately. After prosecutors searched some of its offices Tuesday, the company denied the board was “directly or indirectly” connected to a tourism agency.

Romania: Radio chief, 10 others indicted for abuse of office

BUCHAREST, Romania – Prosecutors have indicted the head of Romania’s public radio company and 10 others for allegedly abusing their positions for personal gain.

A district court statement on Wednesday said Radio Romania general manager Ovidiu Miculescu and 10 current or former members of the company’s board were suspected of abuse of office and conflict of interest.

Prosecutors say the 11 allegedly approved contracts between July 2011 and Jan. 2014 for tourism services in which they had a financial interest and made a total of 400,000 lei ($95,000) through the contracts illegally.

Miculescu was recently hospitalized and has not commented on the allegations.

Radio Romania declined to comment immediately. After prosecutors searched some of its offices Tuesday, the company denied the board was “directly or indirectly” connected to a tourism agency.

Potash Corp. cutting 140 jobs, planning temporary layoffs amid low prices

SASKATOON – Potash Corp. of Saskatchewan Inc. says 140 positions are being cut next year and an undetermined number of temporary layoffs will occur as the company reduces output amid weak prices.

The Cory potash operation, southwest of the company’s head office in Saskatoon, will reduce output capacity by about 43 per cent to 800,000 tonnes, from 1.4 million tonnes.

The changes will reduce the workforce at Cory by about 29 per cent to 350 positions, after 100 jobs and 40 temporary positions are cut.

Most of the positions will be cut in February, with the rest in the third quarter of 2017.

In addition, production will be temporarily reduced at two other locations southeast of Saskatoon. The company is looking for ways to reassign those employees and hasn’t determined how many temporary layoffs will occur.

The Lanigan facility will curtail production for six weeks beginning in January and the Allan facility will curtail production for 12 weeks, beginning in February.

Meanwhile, production is being ramped up at PotashCorp’s lower-cost Rocanville, Sask., operation near the Manitoba border.

PotashCorp (TSX:POT) says it’s looking for opportunities to reassign employees during the down time.

Financial watchdog says too early to tell impact of cap-and-trade in Ontario

TORONTO – Ontario’s government spending watchdog says there are too many uncertainties for it to determine the financial impact of the Liberal government’s cap-and-trade program to fight climate change.

The financial accountability office says it’s too early to say if the provincial government can raise the $1.9 billion it expects each year from auctioning pollution emission credits to industries, even though cap-and-trade begins Jan 1, 2017.

It says the impact on the province’s deficit will depend on how many emission credits are sold, at what prices and what the U.S. exchange will be on the auction revenues.

However, the opposition parties say the report shows the government can use cap-and-trade revenues on previously announced programs to “artificially” balance the books next year as promised.

Progressive Conservative finance critic Vic Fedeli says cap-and-trade amounts to a “cash-grab” by the Liberals, and will let them book revenue now and pay expenses later so they can eliminate the $4.3 million deficit.

NDP environment critic Peter Tabuns says the financial accountability office report shows the government can “play games with the cap-and-trade money” to make their books look good at the expense of the climate crisis.

“The big one really for me is the government can take the money, make their books look good, and not actually take on climate change,” said Tabuns.

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